https://www.taxtmi.com/caselaws?id=338372 The Tribunal dismissed the Revenue's appeals, upholding the Commissioner of Income Tax (Appeal)'s decision to estimate profit at 15% on the total alleged bogus purchases. The Tribunal found that taxing the profit element embedded in the purchases, rather than the entire amount, was justified based on circumstantial evidence and legal precedents. The Revenue's argument that the entire purchase amount should be added to income was rejected, emphasizing that without the purchase of materials, the declared sales and job work receipts would not have been possible. en-us Fri, 02 Dec 2016 00:00:00 +0530 Tue, 31 Jan 2017 08:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338372 The Tribunal dismissed the Revenue's appeals, upholding the Commissioner of Income Tax (Appeal)'s decision to estimate profit at 15% on the total alleged bogus purchases. The Tribunal found that taxing the profit element embedded in the purchases, rather than the entire amount, was justified based on circumstantial evidence and legal precedents. The Revenue's argument that the entire purchase amount should be added to income was rejected, emphasizing that without the purchase of materials, the declared sales and job work receipts would not have been possible. Case-Laws Income Tax Fri, 02 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338372